DC Lite #482

"IG tech spreads [are] wider than the broad index for the first time since 2012"

Daily Chartbook
November 18, 2025

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1. WARN notices. "Notices of impending layoffs spiked to 39,000 in October … data from Cleveland Fed show we have only seen a greater number of warnings in 2008, 2009, 2020 and May 2025."

@kevrgordon

2. Next Fed chair. "Hassett (blue) is separating himself from the pack and is on the verge of being the first person to trade over 50%."

@biancoresearch

3. Spot BTC ETF ownership. "The retail cohort holds roughly three-quarters of spot-Bitcoin assets, according to an analysis by Bernstein. Meanwhile, institutional ownership has climbed to 28% from 20% at year-end 2024."

Isabelle Lee - Bloomberg

4. SPX vs. VIX. "Here's why a [24] $VIX is no fun."

Schroders via @mikezaccardi

5. Tech spreads. "IG tech spreads [are] wider than the broad index for the first time since 2012."

Nomura via Zero Hedge

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